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No. 2 (2024): Prawo i Więź Nr 2 (49) 2024

The Rise and Popularity of Arbitration in the Banking Sector in EU

Submitted
13 February 2024
Published
24-05-2024

Abstract

Aim of this paper is to explain relationship between court and the tribunal of arbitration. Resolution of disputes in banking sector has always received the attention of not only the parties involved in the process, but also paid special attention to the general opinion. The alternative resolution of banking disputes through arbitration should be considered as an efficient and quick way of resolving disputes. This paper examines the importance of resolving disputes in banking sector through arbitration versus regular courts, advantages and disadvantages, especially in banking sector of Kosovo.

Using Kosovo as a case study, and some cases at the CJEU the article focuses on how the arbitration of cases in the banking sector has impacts the issue of disputes has existed for a long time, a significant number of unresolved cases in the banking sector, in large monetary values ​​are blocked in the judicial system. With the alternative resolution, those tools would be placed in the function of the country's economy, and yet so far this process has not been used as much as it should be in Kosovo. The research uses qualitative methods and focuses on patterns in existing documents and empirical case studies, and also the resarch uses comparative method involving European Union (EU) states.

The article examines the impact of arbitration as a quick and efficient resolution to disputes in banking sector. The rules provide a well-structured procedure and institutional framework to ensure that arbitrations are conducted with integrity, efficiency, and fairness. also the sustainable economicdevelopment of country.

Article focuses particularly on the growing popularity of arbitration in the banking sector in Kosovo, ultimately, arbitration as a dispute resolution procedure, especially disputes that are related to the obligation of a policy, extent of a loss or damage and other related issues with the terms of the insurance contract (policy).

So, the actors of the banking sector in the EU and especially in Kosovo, including licensed insurance companies or insurance brokers, cannot deny the arbitration of a dispute. It concludes that the quick and effective resolution of disputes that come from the banking sector should see arbitration as the most efficient alternative for resolving disputes with greater professionalism and safety.

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